DSV has put a clear price tag on integrating DB Schenker into its operations. According to the group’s 2025 annual report, transaction and integration costs linked to the takeover are expected to total around DKK 11bn (€1.5bn), with the bulk of the spending concentrated in 2025 and 2026.
The figures show that the integration is progressing faster than originally planned, but at a higher short-term cost.
In 2025 alone, DSV booked DKK 4.53bn in transaction and integration costs under special items, more than five times the level recorded a year earlier. These costs reduced reported profit, even as operating earnings improved.
The company explains the increase by pointing to the accelerated pace of integration following the completion of the Schenker transaction. Around 30% of the integration was completed during 2025, prompting DSV to bring forward work and costs that had initially been expected to stretch over a longer period.
DSV now expects the integration to be completed by the end of 2026, instead of 2028. For next year alone, the group forecasts around DKK 6.5bn in further special items related to the transaction, bringing the total integration bill to the previously announced level of around DKK 11bn.
Key figures from DSV’s 2025 annual report on the integration of DB Schenker.
What the integration costs actually cover
The €1.5bn figure does not relate to the price paid for DB Schenker. Instead, it reflects the cost of combining two large global logistics organisations.
According to DSV, transaction and integration costs include:
- restructuring and reorganisation measures
- integration of IT systems and processes
- consolidation of networks and facilities
- other one-off expenses directly linked to the merger
These costs are reported separately as special items and are expected to continue until the integration is finalised.
Road logistics emerges as a key earnings driver
While integration costs are weighing on reported profit, Schenker’s operational contribution is already evident, particularly in road transport.
In the fourth quarter of 2025, EBIT before special items in DSV’s Road division rose to DKK 1.01bn, compared with DKK 311m in the same period of the previous year. DSV explicitly attributes this improvement to Schenker’s contribution, alongside stabilisation in European markets and a continued focus on cost efficiency.
A similar pattern can be seen in Contract Logistics, where EBIT before special items increased to DKK 1.51bn in Q4 2025, up from DKK 531m a year earlier. DSV links this improvement to Schenker’s integration, warehouse consolidation, and higher capacity utilisation.
Higher earnings, lower profit
At group level, DSV reported revenue of DKK 247.3bn in 2025, up from DKK 167.1bn in 2024, while EBIT before special items increased to DKK 19.6bn. However, profit for the period fell to DKK 8.46bn, compared with DKK 10.18bn a year earlier. The company makes clear that the decline is largely the result of higher special items linked to the Schenker integration. This pattern is expected to continue in 2026, when most of the remaining integration costs will be recognised.
DSV continues to target annual synergies of around DKK 9bn from the Schenker acquisition, with the full financial impact expected from 2027. For 2026, the company expects an incremental synergy effect of at least DKK 4bn, on top of the DKK 800m already realised in 2025. On this basis, DSV forecasts EBIT before special items of DKK 23–25.5bn for the current year.
